Southaven Community Development District. Financial Statements (Unaudited) May 31, 2015

Transcription

1 Southaven Community Development District Financial Statements (Unaudited) May 31, 2015 Prepared by Rizzetta & Company, Inc. District Manager

2 Balance Sheet As of 5/31/2015 (In Whole Numbers) General Fund Debt Service Fund Capital Projects Fund Total Governmental Funds General Fixed Assets Account Group General Long-Term Debt Account Group Assets Cash In Bank 16, , Investments 0 474,130 5,516,554 5,990, Accounts Receivable Prepaid Expenses Amount Available in Debt Service ,130 Amount To Be Provided Debt Service ,080,870 Fixed Assets ,303,377 0 Total Assets 16, ,130 5,516,554 6,007,205 1,303,377 7,555,000 Liabilities Accounts Payable 1, , Other Current Liabilities 1, , Deferred Revenue Retainage Payable , , Revenue Bonds Payable--Long Term ,555,000 Total Liabilities 2, , , ,555,000 Fund Equity & Other Credits Beginning Fund Balance ,303,377 0 Net Change in Fund Balance 14, ,130 5,394,024 5,882, Total Fund Equity & Other Credits 14, ,130 5,394,024 5,882,408 1,303,377 0 Total Liabilities & Fund Equity 16, ,130 5,516,554 6,007,205 1,303,377 7,555,000 See Notes to Unaudited Financial Statements

3 Statement of Revenues and General Fund From 10/1/2014 Through 5/31/2015 (In Whole Numbers) YTD Annual Budget YTD Budget YTD Actual Variance Percent Annual Budget Remaining Revenues Contributions From Private Sources O&M - Developer Contributions 106,475 79,860 60,639 (19,221) 43.04% Total Revenues 106,475 79,860 60,639 (19,221) 43.05% Financial & Administrative Administrative Services 5,400 3,600 3, % District Management 18,000 12,000 12, % District Engineer 12,000 8,000 1,750 6, % Financial Consulting Services 3,600 2,400 2, % Accounting Services 15,600 10,400 7,400 3, % Auditing Services 4,500 4, , % Public Officials Liability 3,000 2,000 3,550 (1,550) (18.32)% Insurance Legal Advertising 10,000 6,667 1,713 4, % Bank Fees % Dues, Licenses & Fees (83) (14.28)% Miscellaneous Fees 2,000 1, , % Legal Counsel District Counsel 20,000 13,333 12, % Other Physical Environment General Liability & Property 12,000 12, , % Insurance Total 106,475 76,483 46,385 30, % Excess Revenues Over/(Under) 0 3,377 14,254 10, % Fund Balance, End of Period 0 3,377 14,254 10, % See Notes to Unaudited Financial Statements

4 Statement of Revenues and Debt Service Fund From 10/1/2014 Through 5/31/2015 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings % Total Revenues % Debt Service Payments Interest 0 43,638 (43,638) 0.00% Total 0 43,638 (43,638) 0.00% Excess of Revenues Over/(Under) 0 (43,611) (43,611) 0.00% Other Financing Sources Bond Proceeds 0 517, , % Exc. Of Rev./Other Sources Over Expend./Other Uses 0 474, , % Fund Balance, End of Period 0 474, , % See Notes to Unaudited Financial Statements

5 Statement of Revenues and Capital Projects Fund From 10/1/2014 Through 5/31/2015 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings % Total Revenues % Financial & Administrative Trustees Fees 0 2,650 (2,650) 0.00% District Counsel 0 30,000 (30,000) 0.00% Bond Counsel 0 85,000 (85,000) 0.00% Financial Consulting Services 0 30,000 (30,000) 0.00% Underwriter 0 151,100 (151,100) 0.00% Miscellaneous Expense 0 6,250 (6,250) 0.00% Other Physical Environment Improvements Other Than Buildings 0 1,303,377 (1,303,377) 0.00% Total 0 1,608,377 (1,608,377) 0.00% Excess of Revenues Over/(Under) 0 (1,608,035) (1,608,035) 0.00% Other Financing Sources Bond Proceeds 0 7,002,059 7,002, % Exc. Of Rev./Other Sources Over Expend./Other Uses 0 5,394,024 5,394, % Fund Balance, End of Period 0 5,394,024 5,394, % See Notes to Unaudited Financial Statements

6 SOUTHAVEN CDD Investment Summary May 31, 2015 Balance as of Account Investment May 31, 2015 Hancock Bank Interest S2015 A-1 Cash & Short Term Investment $ 120,594 Hancock Bank Interest S2015 A-2 Cash & Short Term Investment 103,847 Hancock Bank Reserve S2015 A-1 Cash & Short Term Investment 145,844 Hancock Bank Reserve S2015 A-2 Cash & Short Term Investment 103,845 Total Debt Service Fund Investments $ 474,130 Hancock Bank COI S2015 Cash & Short Term Investment $ 11,103 Hancock Bank Construction S2015 Cash & Short Term Investment 5,505,451 Total Capital Project Fund Investments $ 5,516,554

7 Summary A/P Ledger General Fund From 5/1/2015 Through 5/31/2015 Vendor Name Invoice Date Invoice Number Invoice Description Current Balance Auto Owners Insurance 5/27/ /16 General Liability Insurance FY15/ Hopping Green & Sams 5/26/ General Legal Services 04/ Total General Fund 1, Report Balance 1,266.38

8 SOUTHAVEN CDD COMMUNITY DEVELOPMENT DISTRICT Special Assessment Bonds - Series 2015 Construction Account Activity Through May 31, 2015 Inflows: Debt Proceeds $ 7,002, Underwriter Discount (151,100.00) Interest $ Total Inflows: $ 6,851, Outflows: Requisitions Requisition Requisition Status Date Number Contractor Amount As of 05/31/15 4/7/2015 COI Hancock Bank (2,650.00) Cleared 4/7/2015 COI Nabors, Giblin, Nickerson (6,000.00) Cleared 4/7/2015 COI Bryant, Miller, Olive (49,000.00) Cleared 4/7/2015 COI Hopping, Green & Sams (30,000.00) Cleared 4/7/2015 COI Rizzetta & Company (30,000.00) Cleared 4/7/2015 COI Greenberg, Traurig (30,000.00) Cleared 4/8/2015 COI Prager & Co., LLC (5,000.00) Cleared 4/22/2015 COI ImageMaster, LLC (1,250.00) Cleared Total COI: (153,900.00) 4/14/ England, Thims & Miller, Inc. (6,625.00) Cleared 4/14/ Global Contracting Group, LLC (380,080.15) Cleared 4/14/ Hopping Green & Sams (2,527.49) Cleared 4/14/ Southaven Land Associates, LLC (500.00) Cleared 4/14/ Southaven Land Associates, LLC (418,758.73) Cleared 4/30/ Ellis & Associates, Inc. (3,226.00) Cleared 4/30/ England, Thims & Miller, Inc. (14,127.76) Cleared 4/30/ Global Contracting Group, LLC (355,001.61) Cleared Total Requisitions: (1,180,846.74) Total COI & Requisitions: (1,334,746.74) Retainage Payable (122,530.30) Total Outflows: $ (1,457,277.04) Funds Available in Construction Account at May 31, 2015 $ 5,394, Outstanding Contracts: Global Contracting Group $ 4,357, Uncommitted Funds Available: $ 1,036,873.20

9 Notes to Unaudited Financial Statements May 31, 2015 Balance Sheet 1. Trust statement activity has been recorded through 05/31/ See EMMA (Electronic Municipal Market Access) at for Municipal Disclosures and Market Data.